Empire State Manufacturing Survey (PHOTO: New York Federal Reserve)
The Empire State Manufacturing Survey, the New York Federal Reserve’s gauge of manufacturing activity in the region, remained stuck in contraction territory in December. The gauge rose to –4.59 from -10.74 in November, though it widely missed the median forecast and remained in contraction for fifth consecutive month.
Wall Street had expected to the gauge to rise to -6. Readings above 0 point to expansion, while those below indicate contraction.
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